By Maria Martinez
Growth in Texas factory output increased at a faster pace in November compared with the previous month, despite supply-chain bottlenecks, according to data from the Federal Reserve Bank of Dallas released Monday.
The production index of the Texas Manufacturing Outlook Survey, a key measure of state manufacturing conditions, rose to 27.4 in November from 18.3 in October. The reading signals solid output growth, the Dallas Fed said.
The index for general business activity--which assesses broader business conditions in the manufacturing sector--fell slightly to 11.8 from 14.6 the prior month. The indicator came in below economists' forecasts, who polled by The Wall Street Journal expected it to be at 18.5. Any level above zero signals growth.
The industrial sector continues to grow across the U.S. amid strong demand despite that supply-chain bottlenecks and labor shortages are constraining output, surveys across the country show.
Other measures of manufacturing activity also indicated notable growth, the Dallas Fed said. The survey's demand indexes rose, suggesting demand for goods remains strong. The new orders index increased to 19.6, and the growth rate of orders index climbed to 16.8. The shipments index posted its highest reading since July and the capacity utilization index moved up to 26.4 from 20.1, the data showed.
Supply-chain disruptions were widespread, pushing up prices, according to the survey. The raw materials prices index hit a new series high and the finished goods prices index eased off its high last month, falling to 42.2 but still far exceeding its historical average of 7.6.
"Higher-than-historical raw materials costs, continued supply-chain shortages, and the continued war on talent with limited labor availability have impacted near-term to 12-month business forecasts negatively," a respondent from the chemical manufacturing sector said.
Labor market measures indicated robust employment growth and longer workweeks. The employment index increased to 28.5, a seven-month high, and the hours worked index was largely steady at 19.6, at an elevated level.
Expectations regarding future manufacturing activity improved in November. The future general business activity index jumped to 28.6, and the future production index increased to 51.7, the Dallas Fed said.
Write to Maria Martinez at maria.martinez@wsj.com
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November 29, 2021 at 10:55PM
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Texas Factory Production Accelerates in November -- Dallas Fed - MarketWatch
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